IRVING, Texas — Exeter Finance Corp. announced last week that Exeter Funding II, a special purpose Delaware limited liability company and wholly owned subsidiary of the company, completed the renewal and extension of its warehouse funding facility.
In conjunction with the renewal, the company increased available capacity to $1.65 billion, a $575 million, or 54% increase, from its previous facility. The new facility has a three-year term, with a final maturity date of September 2017.
“We are very pleased with the outcome of the renewal of our warehouse funding facility and greatly appreciate the ongoing support of our commercial banking partners,” said Mark Floyd, president and CEO. “This facility provides the company with added flexibility to continue to pursue strategic growth initiatives on an opportunistic basis.
“Additionally, the increase in capacity and the three-year tenor provided by this facility not only greatly enhance our liquidity position, but also reduce the potential business risk that could result from short-term disruptions in the asset-backed securitization market,” Floyd added.
Citi acted as structuring agent and administrative agent on the transaction. In addition to Citi, Wells Fargo, Goldman Sachs, Deutsche Bank and Barclays are lenders in the facility.